This week, we’re talking about long-term care and why it’s important to make some decisions today about how you’re going to pay for long-term care in retirement.

Yesterday I talked about the trade-offs between the cost of buying long-term care compared to the benefit amount a policy would provide if you need long-term care.

Today, let’s talk about when you should buy long-term care insurance. The two primary factors that drive cost for long-term care insurance are your age and your health. The healthier you are and the younger you are, the lower the cost of your long-term care insurance policy.

The sweet spot for buying long-term care if you’re healthy is in your 50s. If you wait longer than that, you’re playing a dangerous game, because you’ll need to stay healthy in order to not get priced out of a policy in most cases.

Also, it pays to shop around. Work with an independent broker who can get you side-by-side quotes from at least 3 insurers. A good broker can also help you compare the trade-offs of different policy features and other options, like tacking on a life insurance policy to your long-term care policy.

Personally, I’m no longer licensed to sell long-term care insurance, but if you email me at [email protected], (that’s a-s-h-l-e-y-m @ true-north-r-a.com),  I’ll send you information about who to contact if you’re serious about getting a quote and making some decisions about your long-term care.

That’s it for today. Tomorrow, we’re going to recap the week and I’m going to give you a little preview of next week’s theme.

But before you go, please leave a review for the One Minute Retirement Tip in Amazon! Reviews help Alexa users decipher between the gold and the garbage, so if these tips are helping you on your path to retirement, please share the love with others by leaving a review!

My name is Ashley Micciche and this is the One Minute Retirement Tip.

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